News on Crypto Currency: BTC Nears $90K, Fueled by Trump Win

News on Crypto Currency: Bit coin Sees Historic Daily Surge

On November 11, 2024, Bitcoin (BTC) recorded its largest daily gain, climbing over $8,400 in a single day. The price surged past the $85,000 threshold, marking a pivotal moment for the cryptocurrency market. This jump set a new benchmark, surpassing the August 2021 daily increase of $7,576. As of November 12, BTC was trading above $88,006, up over 28% for the week, indicating a strong upward trajectory.

Trump’s Election Sparks Market Optimism

Analysts attribute Bitcoin's explosive growth to the results of the 2024 U.S. presidential election, which saw Donald Trump secure victory. This outcome has fueled expectations of pro-crypto reforms and favorable regulations under the new administration. Market sentiment shifted toward risk-on assets, positioning Bitcoin for continued bullish momentum and a potential climb beyond $100,000 before year-end.

ETF Inflows Strengthen Bitcoin’s Position

Contributing to Bitcoin’s rally are U.S.-based spot Bitcoin ETFs, which have seen significant net inflows. On November 11, ETFs logged $1.1 billion in positive inflows, following a $1.37 billion surge just days prior. These investments highlight growing institutional interest, reinforcing Bitcoin’s current bullish trend. The combined trading volume of Bitcoin ETFs, MicroStrategy, and Coinbase reached an unprecedented $38 billion, exceeding the previous $25 million high.

Crypto Market Analysts Eye $1 Million Target

Speculation about Bitcoin future price continues to grow, with some analysts suggesting it could hit $1 million. Arthur Hayes pointed to potential economic policy changes under Trump’s administration as a catalyst. He referenced historical quantitative easing measures, arguing that significant credit creation to manage debt-to-GDP ratios could drive Bitcoin’s price exponentially higher. Hayes noted, “This is how Bitcoin goes to $1 million because prices are set on the margin,” emphasizing that continued liquidity injections typically benefit alternative assets like Bitcoin.

Conclusion

Bitcoin's remarkable performance, supported by favorable political developments and ETF inflows, has set the stage for a potential surge past $90,000. The combination of market optimism, increased investment, and potential regulatory support signals that Bit coin parabolic rally may just be beginning.